Mining Sector profits increased by 6% to $18.5 billion in 1996-97, according to figures released today by the Australian Bureau of Statistics.

The oil and gas industry was the major contributor recording a 17% profit increase in 1996-97to $7.4 billion. This was due to production increases in the North West shelf coupled with a 13% increase in the price of crude oil.

Total profits in the coals industry also increased by 11% to $980 million.

However profits fell in the metal ore mining industry by 6% due to increased costs (up 12%) even though sales had increased by 2%.

Mineral prices for bauxite, copper, gold, lead and nickel fell in 1996-97, leading to a smaller increase in sales than in the other industries. However while prices fall, an increase in sales volumes maintained sales values. For example the price of copper fell by 21% in 1996-97 while the sales of copper fell by only 1%.

The largest contributor to value added in the mining sector was the oil and gas extraction industry, accounting for 37% of the total in 1996-97. Coal was the second largest contributor, accounting for 27% of the total.

Total net capital expenditure in 1996-97 decreased by $462 million (8%) with decreases in all industries except for the coal mining industry which increased by 1%. An 84% increase in the disposals of assept across all industries was the main contributor to the fall.

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